The company behind an app offering credit lines to millennials is partnering with FICO to provide students and post-grads with their FICO Score.
Lenny users get free access to their FICO Score. That is a nice start for the legions of college graduates and current students with scant knowledge of how credit scores affect their financial lives. Poor or no credit history impacts their spending power and hurts the American economy.
“Millennials struggle with achieving good credit, a critical piece when making major life purchases,” Lenny founder and CEO Joe Bayen said. “Lenny aims to make financial empowerment a key focus, not an afterthought, for a generation often overlooked by financial institutions and products. Giving our users free access to their FICO® Score is just one more step in our commitment to helping young adults succeed financially.”
With one click, Lenny users can view their credit score and a graph depicting how that score has changed over time.
FICO’s Jenelle Dito explains the role credit plays for students and graduates.
“By providing FICO® Scores to young adults, Lenny is demonstrating its leadership and commitment to this important group of people as they embark on their financial journeys. As young people move through life, access to financial services becomes increasingly important. It’s crucial that they receive the kind of education and service that Lenny provides in order to understand their creditworthiness in the eyes of lenders.”
Lenny uses a credit-deciphering algorithm to determine risk. Once a credit line has been approved, users can cash out to their bank account or instantly pay their friends using the peer-to-peer payment function.